Longer lifespan’s economic implications
Dr Saadia Saad
Ageing is a complex biological process characterized by gradual decline in physiological functions and increased susceptibility to diseases. At the cellular level, ageing involves mechanisms which contribute to tissue degeneration and impaired organ function over the period of time. Physiological changes include reduced muscle mass, bone density loss, declining sensory perception and decreased immune response. These changes vary among individuals but collectively define the ageing process.
The global elderly population is rising due to decreasing fertility rates and increasing life expectancy owing to new medicines and therapies developed through medical research. Pakistan is experiencing a similar trend. In 2019, approximately 7% of Pakistan population, about 14 million people, were over 60 years old. Projections indicate that by 2050, the population over 65 years old will reach 28 million, doubling from 2019 figures.
The dynamics of ageing have profound economic implications. As people age, there is generally a decrease in labor force participation, potentially reducing economic productivity and growth. In Pakistan, people with age over 60 years are considered senior citizens and face a range of challenges that impact their quality of life. These challenges are mentioned here.
The first one is economic adversity. There is insufficient pension and social security systems, while there is lack of financial independence and support, especially for those without savings or family assistance, as well as lack of opportunities for continued employment or productive engagement post-retirement. Similarly, increasing cost of living, making it hard for seniors to meet their basic needs.
The second one is healthcare access. The limited access to affordable and quality healthcare services, inadequate geriatric care and specialized medical facilities, and high costs of medicine and treatments, making it difficult for many elderlies to afford the necessary care.
Social isolation is another big challenge. Loneliness and social isolation, particularly for those living alone or without close family support, and limited opportunities for social engagement and community activities make the situation hard.
Physical and mental health issues also make an important share in this regard. Chronic diseases such as diabetes, hypertension and arthritis, and mental health issues like depression and anxiety, often exacerbated by isolation and lack of support as well as limited access to mental health services and stigma around seeking help make the situation highly deplorable.
Inadequate infrastructure is another big challenge. Lack of senior-friendly infrastructure, such as accessible public transportation and facilities and poorly maintained roads and sidewalks, making it difficult for elderly individuals to navigate public spaces safely.
Safety and security are also included in major challenges. Vulnerability to abuse, neglect, and exploitation, including financial scams and physical harm, insufficient legal protections and support systems to address elder abuse and neglect, and insufficient advocacy and representation in policy-making processes are included in this regard.
It is to be noted that elder people apparently appear burden on the economy but ageing populations also create new economic opportunities. Industries catering to older adults, such as healthcare, pharmaceuticals, leisure and tourism, experience growth as demand for products and services tailored to older consumers rises. The older adults often have accumulated wealth and disposable income, influencing consumer markets and investment patterns.
In developed economies, policies addressing the challenges of ageing include healthcare reforms, retirement age adjustments, pension system reforms and promotion of healthy ageing initiatives. Likewise, to create a sustainable future for our growing elderly population, we need to adopt public policies and budgeting. Expanding social security and pension plans can directly improve their financial security. Moreover, promoting active ageing through work, volunteering, and skills training keeps them engaged, contributing to the economy and potentially reducing healthcare costs by fostering a healthier population. Advancements in medical research and technology offer potential solutions to mitigate age-related diseases and prolong healthy lifespans, influencing both economic productivity and healthcare costs.
Addressing these challenges requires comprehensive policies and programs focused on the well-being of senior citizens, along with increased awareness and support from the community and government.
The writer is working as an assistant professor at the Department of Physiology, United Medical and Dental College, Karachi.
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